The article is devoted to the process of transformation of energy markets that took place in the period from 2022 to 2023. The author analyzes the relationship between the sanctions imposed against Russia at that time and the direction of changes in energy markets. The article examines the result of US and European Union sanctions against the Russian oil and gas sector for both the domestic economy and the Western countries themselves. The author concludes that in the oil sector, Russia has adapted to the restrictions by changing sales markets and providing itself with a fleet of tankers. In the gas sector, it was not possible to make a full-fledged reorientation due to technological limitations.